I thought I would reach out with the latest update to the Twin Cities real estate market. The best phrase I can think of to describe it is “Feeding Frenzy”! We continue to see extremely low levels of homes for sale. The last two homes that I showed to buyers had 35 and 29 offers respectively. These were both homes around $300,000,
The chart above shows the inventory levels over the past 10 years.
Is this because sellers are not wanting to sell? Kind of. Right now we have the seasonal slow down in listings, and there is some hesitation prior to the vaccine being readily available. Combine this with the low interest rates and very large number of millennial buyers out there actively looking – making homes sell very quickly! Basically the buyers are ready to buy but the sellers are dragging their feet!
Clearly this is a great time to sell your house – but only if you have a place to go! Ideal conditions for selling right now:
- Sellers that have a 2nd home or cabin to live in until they find their next home.
- Sellers that are moving out of the area.
- Sellers that are willing to rent until they find the right home.
- Sellers that are building new construction or buying a new construction spec home.
- Sellers that can buy their next home without needing to sell their current home first.
The issue is not selling your home – it is finding a new one. If you do need to sell your home before buying the next one, we can likely negotiate terms with a buyer, such as selling your home contingent on finding a new home, or giving you more time in your home before you move out. Every situation is different, I’m happy to discuss yours.
As always I am here to answer your questions. And if you are thinking of selling your home – let’s talk!